The Albanese Government is putting Dubbo at the heart of its plans to grow Australia’s critical minerals and rare earths industry in New South Wales by providing further support for miner Australian Strategic Materials Limited (ASM).
The Commonwealth will provide $5 million to ASM under the International Partnerships in Critical Minerals Program to fund up to 50 per cent of a study to find more efficient ways of refining rare earths at its mine and processing plant.
The funding is on top of a $6.5m grant provided to ASM last year by the Government through the Critical Minerals Development Program to support mining, separation and refining for critical minerals at their Dubbo project.
ASM received a non-binding Letter of Interest from the Export-Import Bank of the United States this year for up to US$600 million to support the construction of the project.
Export Finance Australia has previously provided ASM a letter of support for $200 million in debt funding.
The Dubbo Project will produce critical minerals such as zirconium, niobium and hafnium as well as a number of rare earth elements.
Many of these elements are critical to the defence industry.
The project is expected to deliver up to 1,000 local jobs during the construction period and approximately 270 jobs when operational.
Minister for Resources and Northern Australia Madeleine King said the Albanese Government was determined to the support critical minerals and rare earths industry to create wealth and jobs, reduce emissions and support the security needs of Australia and its partners.
“Government support to refine rare earths is important for our sovereign capabilities and will help our trading partners meet their economic, national security and emission reduction commitments,” Minister King said.
Minister King said the Dubbo project would also receive further support through the Albanese Government’s plan to provide Production Tax Incentives for critical minerals processing.
But Minister King warned these credits were at risk because they were opposed by Opposition Leader Peter Dutton.
“ASM has received interest from no less than the United States Government, but Mr Dutton is refusing further support for this project and others like it because he is blocking the Critical Minerals Production Tax Incentive,” Minister King said.
“Mr Dutton is standing in the way of creating jobs and prosperity in regional areas like Dubbo.”
Minister King said the Albanese Government is supporting the development of Australia’s critical minerals sector, including rare earths, to help companies add value and diversify global supply chains.
Minister King said International Partnerships in Critical Minerals grants will support Australian jobs and ensure Australian critical minerals are mined and processed at the highest environmental and social governance standards.
